Ernst & Young foresees future of television

Someday a housewife will no longer have to worry about the impending finale of her favorite TV drama as she might actually be able to let the story develop in line with her own expectations. In addition, she could enjoy and discuss the drama with a social media group instead of the current one or two family members at home. This scenario is set to occur in the near future according to a report released by Ernst &Young entitled "Future of television: Media and entertainment," on Apr. 15, 2014.

Ernst &Young foresees six trends to drive forward the television industry, which include storylines evolving to make better use of an omni-platform environment, ubiquitous screens for greater content mobility, more event-based viewing through social dynamics and synergistic experiences, innovation in program discovery and television control, as well as innovation in measurement and personalization.

"Content is still the ruling king in any media field," said Howard Bass, leader of Ernst &Young's Global Media &Entertainment Advisory Services, at the press conference yesterday in Beijing. Yet, he added, "in a world of limitless choices where almost anyone can acquire, create and distribute interesting content, the winners will be those that utilize data to respond to audience demands most nimbly and drive an experience that feels personalized, yet [at the same time] taps into the collective need. TV media needs new tools and information to rule in a complex, globalized world."

To gear up for the trends, the affected media and entertainment (M&E) industry players will not only need to invest in the technologies of analyzing audience data, but also need to offer a deeper engagement with the content experience itself in such a way that viewers will choose to directly pay for content streaming services or ownership, said the report.

The M&E industry is currently undergoing a seismic shift. Swift technological changes make it harder to find the right balance between addressing today's daily operational challenges and planning for the next big thing. Bass explained this report tailored to these needs and helps industry leaders realize what their next step should be.

The six trends mentioned in the report stem from Ernst &Young's analysis of thousands of hours of dialogue with international media executives and thought leaders, as well as from an online survey conducted among the world's M&E companies.